Edfinancial Services, LLC 401(k) Review & Grade
Edfinancial Services, LLC 401(k) Plan
Knoxville, TNOther Services1,366 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$965Employer $ per active participant
$888Employee $ saved per active participant
0.57%Direct admin cost, % of plan assets
$29.4MNet plan assets, end of year
$41,375Average balance per account
Score breakdown
- Employer generosity21.2 / 5042th percentile for employer $ per participant
- Low cost4.7 / 2519th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1521th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score26 / 100 · Grade F
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 19th |
| Employee saving | 21th |
| Peers that auto-enroll | 40% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,319 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Edfinancial Services put in about $965 per active participant, below the typical peer ($1,257). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.57% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $1,317,862 |
| Participant (employee) contributions | $1,212,060 |
| Other contributions (incl. rollovers in) | $287,480 |
| Administrative expenses paid from the plan | $152,611 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $47,130 |
| Other admin expenses | $25,139 |
| Benefits paid out | $1,155,731 |
| Net assets, start / end of year | $23.8M / $29.4M |
| Active participants, start / end of year | 1,346 / 1,385 |
| Participants with account balances | 711 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US LLP |
Largest service providers (Schedule C)
| Fidelity Investments | $80,042 reported compensation |
| LPL Financial LLC Holdings | $47,130 reported compensation |
| Tennessee Pension Administrators | $13,059 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015100651NAL0005901824001, received 2025-10-15, EIN 20-5316278, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.